Wall Street group tells regulators: Slow down, get it right

“The jury’s still out, but right now there’s no proposed change, no amendments we’re offering to Dodd-Frank,” Ryan added, noting that he expects some technical correction legislation to eventually be offered on the bill.

While officials at several agencies try to craft hundreds of regulations implementing the financial overhaul, Ryan and other SIFMA officials said the ultimate priority has to be crafting effective regulations. The Dodd-Frank law sets a number of deadlines for regulators, with the goal of having most of the work done within two years of its July enactment.

“If they need more time, they should ask Congress for that time,” Ryan said. “A concern of mine is some of the agencies … are being asked to do an awful lot at a very, very fast pace, and it concerns me that fatigue sets in and you are forced to make decisions that maybe you wouldn’t make if you had more time.”

Part and parcel with the debate over deadlines is the amount of resources offered to regulators. Top regulatory officials have warned Congress repeatedly that they need budgetary authority to hire hundreds of new employees to handle the significantly increased workload. However, thanks to a budget standoff in 2010’s lame duck session, regulators are still operating under fiscal 2010 budget levels set before Dodd-Frank was enacted.

And some GOP leaders, now in control of the House and talking tough on the deficit, have indicated they may be unwilling to appropriate the funds to implement a law they largely opposed.

SIFMA officials expressed confidence that lawmakers would be able to resolve the funding issue.

“I have every reason to believe they will work this out,” said Ken Bentsen, Jr., SIFMA’s executive vice president of public policy and advocacy and former Democratic congressman from Texas.